KOSDAQ · 043150 · Medical & precision devices · ₩043150

Value Added Technology바텍

043150 · KOSDAQ · ₩043150 · 바텍

₩16,470▲ ₩30 (0.18%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩71,808

vs the current price (₩16,470)

Enterprise value: ₩866B
Equity value: ₩1.1T
WACC: 7.4%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 336% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩16,470, the model needs an operating margin of 2.7% every year (it uses 15.9%).
Today's P/E is 4.3× against a typical 7.0× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩51,342; +211.7%
Base: ₩71,808; +336.0%
Bull: ₩106,104; +544.2%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (15.9%).

Revenue growth

Revenue growth, year 12.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin15.9%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation5.5%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending6.9%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital33.9%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.39, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩441B
Net debt (borrowings and leases − cash and deposits): −₩109B
+ Stakes and investments: ₩93B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.5B
Shares: 14,854,256
Share price: ₩16,470
Market cap: ₩245B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩385B	₩385B	₩426B	₩453B	₩465B	₩478B	₩492B	₩506B
Growth	−2.6%	0.1%	10.7%	2.6%	2.7%	2.8%	2.9%	3.0%
EBIT	₩64B	₩54B	₩55B	₩72B	₩74B	₩76B	₩78B	₩81B
EBIT margin	16.6%	14.0%	12.8%	15.9%	15.9%	15.9%	15.9%	15.9%
After-tax EBIT	₩46B	₩39B	₩40B	₩52B	₩54B	₩55B	₩57B	₩58B
+ Depreciation	—	—	—	₩25B	₩26B	₩26B	₩27B	₩28B
− Capital spending	₩45B	₩24B	₩11B	₩31B	₩32B	₩33B	₩34B	₩35B
− Working capital	₩12B	₩26B	₩5.6B	₩3.9B	₩4.1B	₩4.4B	₩4.7B	₩5B
Free cash flow	—	—	—	₩42B	₩43B	₩44B	₩45B	₩46B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩39B	₩37B	₩35B	₩34B	₩32B

Terminal value ₩984B, worth ₩688B today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩36,066 a share)Now 0.46×	₩21,5430.60×	₩39,5771.10×	₩66,0711.83×
Price / earnings (last 12 months: ₩3,863 a share)Now 4.26×	₩22,7145.88×	₩27,0026.99×	₩32,6668.46×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,034 a share)Now 2.73×	₩35,4815.88×	₩42,1796.99×	₩51,0258.46×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.4%	₩75,463	₩79,916	₩85,369	₩92,207	₩101,038
6.9%	₩70,041	₩73,609	₩77,896	₩83,145	₩89,727
7.4%	₩65,470	₩68,374	₩71,808	₩75,933	₩80,985
7.9%	₩61,564	₩63,959	₩66,754	₩70,057	₩74,026
8.4%	₩58,189	₩60,187	₩62,491	₩65,179	₩68,357

Now (TTM)

Market cap: ₩245B
Enterprise value: ₩113B
P/E: 4.3×
P/B: 0.5×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩19,550	₩18,880	₩33,250	₩32,800	₩35,350
Market cap	₩290B	₩280B	₩494B	₩487B	₩525B
P/E	7.2×	5.1×	9.5×	6.3×	10.2×
P/B	0.6×	0.6×	1.2×	1.4×	1.9×
P/S	0.7×	0.7×	1.3×	1.2×	1.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Value Added Technology	4.3×	0.5×	0.6×	—	0.0%
TSE	27.5×	6.1×	5.1×	—	0.2%
Kctech	20.8×	3.2×	3.8×	16.1×	0.5%
Classys	12.6×	3.1×	4.7×	9.8×	3.8%
Park Systems	68.1×	4.6×	8.1×	—	0.2%
Curiox Biosystems	—	21.9×	187.1×	—	0.0%
DI	36.7×	5.0×	2.2×	—	0.7%
Similar companies (median)	27.5×	4.8×	4.9×	13.0×	0.4%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Value Added Technology / 바텍 / 043150 / KRX:043150

Source: KRX statistical information